Exercise $3$: Suppose you have some money $($the principal$)$ that is deposited in a bank account for a number of years and earns a fixed annual rate of interest. The interest is compounded $n$ times per year.

The formula for determining the amount of money you will have is:

amount $=$ principal $(1+\frac{\text{r}\text{a}\text{t}\text{e}}{n}{)}^{n\text{t}\text{i}\text{m}\text{e}}$

where:

amount is the amount of money accumulated after time years, including interest.

principal is the initial amount of money deposited in the account

rate is the annual rate of interest, specified as a decimal; e$.$g$,5\%$ is specified as $0\mathrm{.}05,$ and not $5.$

i $n$ is the number of times the interest is compounded per year

time is the number of years for which the principal is deposited.

For example, if $$1,500$ is deposited in an account paying an annual interest rate of $4\mathrm{.}3\%,$ compounded quarterly $(4$ times a year$),$ the amount in the account after $6$ years is:

amount $=$$$1500(1+\frac{0\mathrm{.}043}{4}{)}^{46}$~~$$1938\mathrm{.}84$

In PyTutor, click'Edit this code. Delete the code in PyTutor's editor, then:

Type four assignment statements that create new variables named principal, rate, $n$ and time, and assign them the values $1500,0\mathrm{.}043,4$ and $6$ respectively.

Type one assignment statement that calculates the amount of money in the account after time years, using the formula presented above. This value should be assigned to a new variable named amount. Your assignment statement must demonstrate the use of the Python built$-$in function pow.

Click the Visualize Execution button. Execute the code, one statement at a time, and observe the memory model as the code is executed, step$-$by$-$step. Verify that the accumulated amount of money is approximately $1938\mathrm{.}84.$

When your code is correct, copy$/$paste the five assignment statements from PyTutor into lab$3.$txt$.$